CALGARY, ALBERTA--(Marketwire - May 27, 2010) - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") (TSX VENTURE:CXP) is pleased to announce that Serrano Energy Ltd. ("Serrano") has completed its previously announced plan of arrangement with Baytex Energy Ltd. ("Baytex") pursuant to an arrangement agreement (the "Arrangement") between Serrano and Baytex. Pursuant to the Arrangement, Baytex acquired all of the issued and outstanding shares of Serrano (the "Serrano Shares") and all of the outstanding common share purchase warrants of Serrano were cancelled by way of a plan of arrangement under the Business Corporations Act (Alberta). Under the Arrangement, former Serrano shareholders are entitled to receive $2.256 per Serrano Share in cash and former Serrano warrantholders are entitled to receive $0.01 per Warrant in cash, providing for a total transaction value of approximately $41 million, net of the assumption of positive working capital and including transaction costs.

Canadian Phoenix's estimated proceeds from disposition of its 10,981,000 Serrano Shares, after transaction costs and the settlement of the Corporation's $2.1 million short-term debt owed to a private mezzanine lender, is approximately $22.6 million ($0.489 per Canadian Phoenix share). The Corporation's intent is to use the proceeds for general corporate purposes and other opportunities as they present themselves in the resource sector. The Corporation and its Special Committee will continue with its ongoing strategy of maximizing shareholder value by analyzing its own assets and evaluating other opportunities.

A description of the Arrangement and related matters is included in the information circular of the Corporation dated April 29, 2010 prepared for the purposes of the special meeting. The information circular is available under the Corporation's SEDAR profile at www.sedar.com.

Certain dissident shareholders of Marble Point have mailed a Dissident Proxy Circular in response to the information circular mailed by Marble Point in relation to the proposed reorganization of Marble Point. As a result, Marble Point has adjourned its shareholder meeting originally set for May 26, 2010. A new meeting date is yet to be determined. The Corporation understands that Marble Point is in discussions with these dissident shareholders in an effort to address their concerns and has reached agreement in principle with on certain revisions to the transaction proposed to be completed by Marble Point. The revised transaction contemplates the same participation of, and consideration for, the Corporation as the original transaction as described in the Corporation's information circular dated April 29, 2010, being $0.50 per common share of Marble Point representing an aggregate amount of $45 million payable in cash. Marble Point expects to be in a position to proceed with its shareholders meeting in respect of the revised transaction shortly.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".

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